Nvidia voiced its stance regarding cryptocurrencies and their role in the digital asset space. The recent statement of the company’s top executive showcases the chip-maker giant’s lack of faith in the burgeoning asset class. Over the use of powerful processors within the crypto space for mining, the company might be leaning towards choosing something that brings a change in the world.
In an interview with The Guardian, Chief Technology Officer of Nvidia, Michael Kagan, shared views on cryptocurrencies stating that they are not useful for society. While comparing processing power usage, Kagan said the Artificial Intelligence chatbot ChatGPT makes it more worthwhile than crypto mining.
According to Kagan, the mining operations need parallel processing that could be “best” done by Nvidia, which makes people program the processors. Such people make bulk purchases, and it falls with time bringing nothing useful.
Kagan said he would never believe, citing cryptocurrencies, that they will do “something good for humanity.”
Nvidia’s recent actions show its shift towards Artificial Intelligence (AI). During GTC 2023, CEO Jensen Huang brought insight into the company’s involvement in AI. He talked about AI as the most crucial in the computing world. Huang also cited the instance of providing the first supercomputer to ChatGPT creator OpenAI for powering the chatbot’s servers.
Not the first time when the chip manufacturer seems to be deviating from crypto. In 2021, Nvidia brought a software dubbed LHR limiter to limit its GPUs from Ethereum (ETH) mining. The move came after the company’s effort to make the processors more useful for gamers and AI researchers.
Ironically, the American software and graphics processing unit (GPU) manufacturer, Nvidia, produces apparatuses widely purchased by crypto miners. Seeking to quench the demand for processors in crypto mining, the company released a graphics card segmented specifically for crypto operations.
These instances show the company’s stance on cryptocurrencies and crypto mining operations was balanced with neither pro nor against the crypt notions.
Along with this, though the company seems to be distancing itself from crypto, it’s stepping ahead towards other cutting-edge innovations like a metaverse. Nvidia Omniverse is one such example of the same providing companies and other entities the needed virtual space.
TheCoinRepublic earlier reported that Nvidia collaborated with German automaker BMW to create its car manufacturing facility’s “digital twin.” The move came in the wake of efforts to set Nvidia Omniverse’s real-life usage. The virtual factory will act as an exact digital replica of BMW’s factory in line with the digitalization goal of Nvidia.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/03/27/nvidias-shifting-stance-from-cryptocurrency-mining-to-ai/